Nigerian Gross Domestic Product Report Q2 2021

Nigerian Gross Domestic Product Report (Expenditure and Income Approach)

(Full Year 2020 & Q1 - Q2 2021)

NATIONAL BUREAU OF STATISTICS

Report Date: October 2021

Data Source: National Bureau of Statistics (NBS)

NB: Data for Q1, Q2, Q3 and Q4 2020 have been revised but Q1 and Q2 2021 are provisional estimates

CONTENTS

Preface

Acknowledgements and Contacts

Definitions and Summary

Summary

Gross Domestic Product

Consumption Expenditure Components

Capital Formation

Balance of trade in Goods and Services


National Disposable Income

Domestic income

External Income


Capital Finance

Savings and Net lending

Appendix Tables

69

1

7

2

8

15

20

24

26

32

35

35

37

PREFACE

This publication provides data on Quarterly Gross Domestic Product (GDP) estimates using the

EXPENDITURE and INCOME approach for the four quarters of 2020 and Q1, Q2 of 2021.

The estimates herein are from a wide variety of sources including expenditure surveys, government

accounts from the three tiers (Federal, States and Local governments), trade statistics from the Nigerian

Customs Services, Nigeria's Balance of Payments (BOP) compiled by the Central Bank of Nigeria and

business/establishment survey among others.

We are grateful to the various agencies and establishments that made their data available as input to the

estimates.

Quarterly National Accounts (QNA) are integrated system of macroeconomic accounts designed to

describe the entire system of production in a nation on a quarterly basis. They provide a picture of the

current status of the economy that is more timely and frequent than that provided by Annual National

Accounts (ANA). The key attribute of QNA is that they provide a reasonable level of details of the

economy that help government to assess, analyze and monitor economic growth on a regular basis. QNA

adopts the same concepts, definitions and structure as ANA. In principle QNA covers the entire sequence

of accounts and balance sheets as reflected in the 2008 System of National Accounts (2008 SNA).

Dr. S. B. Harry,

Statistician General of the Federation

National Bureau of Statistics,

Abuja – Nigeria.

October, 2021

1Nigerian Gross Domestic Product Report (Expenditure and Income Approach) - Full Year 2020 & Q1 - Q2 2021

SUMMARY

- Household Consumption Expenditure, in Q1 and Q2 2021 grew by 43.72% and 48.16% in real

- In the first quarter of 2021, Nigeria's real GDP at basic prices grew by 0.51% on a year on year basis

showing a steady improvement in the economy following 2020 Q4 GDP rate of 0.11%. Growth

however, improved further in second quarter 2021 with positive GDP growth rate of 5.01%. The

negative quarterly growths in Q2 and Q3 2020 resulted in a recession, this also led to a negative

Compared to the first and second quarters of 2020, the performance in 2021 indicated a decrease

annual growth rate of -1.92% for 2020, compared to 2.27% in 2019 on a year on year basis.

of -1.36% points and 11.12% points higher, respectively.

terms, year on year. For 2020, the annual growth rate in real household consumption expenditure

stood at 1.56% compared to -1.06% in 2019. Government Consumption Expenditure recorded

growth rates at -4.57% and -53.56% in Q1 and Q2 2021 respectively, year on year, while annual

growth rate stood at 61.58% in 2020 compared to 8.78% in 2019.

- Net Exports recorded positive growth rates in the first two quarters of 2020 and shifted to

negative growth rates in third and fourth quarters of 2020 as well as first and second quarters of

110.50% and -74.49% respectively. On an annual basis, net exports grew by -30.00% in 2020

compared to 8.99% in 2019.

quarter 2021, but recorded growth of 3.57% and 2.12% in Q1 and Q2 of 2020 on a year on year

basis in real terms, giving a better growth rate of 1.57% for annual figure in 2020 compared to a

- National Disposable Income grew by -2.25% in the first quarter of 2021 and -5.35% in second

19.44% respectively in real terms on year on year basis. For 2020, growth rate stood at 0.96%

- Compensation of Employees, during the first and second quarters of 2021 grew by 9.26%, and

2021, a departure from the trend in 2019. Net exports grew in real terms in Q1 and Q2 2021 by -

relatively marginal growth rate in end 2019(0.35%).

compared to 7.64% recorded in 2019.


Gross Domestic Product at Basic Prices

3

Growth Rate

Q2 2021

5.01%

Q1 2021

0.51%

Grew by

5.01%

in Q2 2021

From

0.51%

in Q1 2021

And

-6.10%

in Q2 2020

Nigerian Gross Domestic Product Report (Expenditure and Income Approach) - Full Year 2020 & Q1 - Q2 2021

GDP BY EXPENDITURE – Full Year 2020 & Q1 - Q2 2021

Gross Domestic Product at Market Prices

4

Growth Rate

Q2 2021

5.36%

Q1 2021

0.41%

Grew by

5.36%

in Q2 2021

From

0.41%

in Q1 2021

And

-6.04%

in Q2 2020



Household Consumption accounted for the largest share of real Gross Domestic Product at market

prices, representing 53.68% and 51.82% in Q1 and Q2 2020 respectively, compared to 76.83% and

72.88% in the corresponding quarters of 2021. Net Exports, which represented -2.23% of total real GDP

at market prices in Q1 2021, however inclined considerably in Q2 to 4.32%. The share of General

Government Consumption expenditure represented 5.92% in Q1, but rose to 6.33% in Q2 2021. Gross

Fixed Capital Formation accounted for 17.84% of real GDP in Q1, which decreased slightly to 14.85% in

Q2 2021. The share of Non-Profit Institutions Serving Households (NPISH) moved from more than 1% in

Q4 2020 to 0.78% in Q1 and 0.82% in Q2 2021. NPISH had a share above 1% in Q4 2020 arising from

interventions on COVID-19 pandemic.

The graph below depicts the proportions of real GDP expenditure components from Q1 2017 to Q2 2021,

as well as real GDP growth rates over the same period at basic prices.

Summary—Analysis of Expenditure Components

Data for Q1 and Q2 2021 are provisional

5

2019 2021

Annual Q1 Q2 Q3 Q4 Annual Q1 Q2

GDP (Basic price) 2.27 1.87 -6.1 -3.62 0.11 -1.92 0.51 5.01

GDP (Market price) 2.21 1.95 -6.04 -3.14 0.01 -1.79 0.41 5.36

Household Consumption -1.06 -4.86 -17.95 7.07 18.26 1.56 43.72 48.16

Gov. Cons. Expenditures 8.78 6.8 148.29 99.18 12.13 61.58 -4.57 -53.56

Gross Fixed Capital Formation 8.29 4.46 -25.38 -6.57 -1.08 -7.55 3.62 8.21

Net Exports 7.64 20.02 3.12 -52.4 -74.29 -30 -110.5 -74.49

National Disposable Income 0.35 3.57 2.12 0.32 0.56 1.57 -2.25 -5.35

Compensation of Employees 8.99 6.7 -6.47 -2.32 6.36 0.96 9.26 19.44

Operating Surplus 1.48 0.25 -5.93 -4.17 -2.34 -3.07 -3.15 -4.45

Other Current Transfers from RoW Net 9.62 10.24 53.45 11.07 -20.73 11.65 -48 -47.15

2020

Real Year-on-year Growth Rates of Key Aggregates (percent, %)


Outline

6

Definitions and Summary P.7

1.1 Consumption Expenditure Components P.8

1.2 Capital Formation P.15

1.3 Balance of trade in Goods and Services P.20


2.1 Domestic Income P.26

2.2 External Income P.32


3.1 Savings and Net Lending P.35

P.37 - 68Tables—2017-2021

Gross Domestic Product

National Disposable Income

Capital Finance


This consists of expenditure, including imputed expenditure, incurred by government at all levels on both

individual and collective consumption of goods and services. Individual consumption items are those that

are provided to individual households, such as education and health services. Collective consumption

items relate to goods and services utilised by society as a whole, such as security and infrastructure.

This consists of expenditure, including imputed expenditure, incurred by Non-Profit-Institutions-

Serving-Households(NPISH), which consist of organisations such as charities and non-government

organisations.

Non-Profit Institutions Serving Households(NPISH) Final Consumption Expenditure:

Household Final Consumption Expenditure:

General Government Final Consumption Expenditure:

The expenditure approach measures the final uses of the produced output as the sum of Final

consumption, Gross Capital Formation and Exports less Imports, which are considered in turn in this

report. Consumption of fixed capital—a measure of depreciation of assets—comprises the difference

between Gross Domestic Product (GDP) and Net Domestic Product (NDP) and is also considered in this

report.

The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final

uses and export. GDP at market prices includes net taxes on products; taxes are subtracted to obtain basic

price GDP.

In Q1 2021, the Gross Domestic Product inclined in real terms by 0.51% year-on-year but improved to

5.01% in Q2 2021. This shows that the economy is growing stronger with the positive trend being

sustained from the previous quarter. However, on an annual basis in 2020, the Gross Domestic Product

grew in real terms by -1.92% year-on-year. This was significantly lower compared to 2.27% recorded in

2019, and 1.91% recorded in 2018.

This consists of expenditure, including imputed expenditure, incurred by resident households on

individual consumption goods and services. This is calculated as a residual.

7

GDP BY EXPENDITURE


This consists of sales of goods and services to residents abroad, from residents within Nigeria

Gross Fixed Capital Formation:

Change in Inventories:

Exports of Goods and Services:

This consists of sales of goods and services from residents abroad, to residents within Nigeria

This is measured as the total value of producer's acquisitions, less disposals, of fixed assets during the

accounting period, plus certain additions to the value of non-produced assets (such as improvements to

natural assets) realised by the productive activity of institutional units.

This consists of changes in; stocks of outputs that are still held by units that produced them prior to their

being further processed, sold, delivered to other units or used in other ways, measure by the value of the

entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in

inventories.

Imports of Goods and Services:

Consumption of Fixed Capital:

This represents the reduction in value of the fixed assets used in production during the period, that results

1.1 GDP Expenditure - Final Consumption Components

Household Final Consumption

Household final consumption, in real terms, grew by 43.72% and 48.16% in Q1 and Q2 2021 respectively,

on a year on year basis. However, it recorded -4.86% growth in Q1 2020 and -17.95% growth over the

corresponding second quarter of 2020. Overall, in 2020, real household final consumption expenditure

inclined by 1.56% from -1.06% recorded in 2019.

The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and

Q2 accounting for negative growth rates informed by the COVID 19 pandemic. However, positive growth


9

In nominal terms, household final consumption expenditure grew by 8.90% in Q1, and 19.08% in Q2 2021,

The annual growth rate of -0.57% was recorded in 2020. This growth rate was lower by -10.42% points

than figure recorded in the previous year which stood at 9.85%.

On a quarter on quarter basis, growth was recorded at -11.02% in Q1, and -1.61% in Q2 2021, compared to

the preceding year's of -16.61%, and -10.02% in the corresponding quarters. Household consumption

accounted for 76.83% of real GDP at market prices in Q1 2021, and 72.88% in Q2 2021.

rates were recorded in Q3 and Q4 2020 coming from public interventions. In the first two quarters of

2021, household consumption has improved tremendously following the economic recovery being

witnessed. On a quarter on quarter basis, real household consumption expenditure grew by -7.67% in Q1,

and -5.47% in Q2 2021.

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

YoY

Households -2.68 0.75 -1.98 -0.41 -4.86 -17.95 7.07 18.26 43.72 48.16

NPISH -3.25 7.84 53.77 7.92 -0.38 142.99 115.77 247.55 39.48 37.07

Government 8.88 0.14 2.26 22.38 6.8 148.29 99.18 12.13 -4.57 -53.56

Individual -41.59 -28.86 -33.32 -19.61 2.5 168.31 106.49 15.75 -8.57 -55.29

Collective 52.31 15.7 24.09 47.85 8.22 141.69 96.78 10.93 -3.31 -52.93

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Households -20.47 6.33 7.18 9.89 -24.03 -8.3 39.86 21.38 -7.67 -5.47

NPISH 23.68 -56.4 45.71 37.37 14.17 6.34 29.39 121.25 -54.18 4.51

Government -4.04 -5.84 2.19 32.54 -16.26 118.9 -18.02 -25.39 -28.72 6.52

Individual -36.96 -5.85 2.15 32.58 -19.62 146.47 -21.39 -25.68 -36.51 20.52

Collective 15.92 -5.84 2.2 32.53 -15.15 110.29 -16.79 -25.29 -26.04 2.38

Growth in Consumption Components, 2019, 2020 & 2021 (Real), Percent, %)

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

YoY

Households 7.37 15 7.37 10.07 8.15 -10.75 -1.42 2.06 8.9 19.08

NPISH 0.55 11.38 57.8 10.75 2.23 158.44 70.14 34.35 15.21 34.78

Government 13.17 3.43 4.94 25.59 9.61 153.17 104.41 15.07 -2.06 -53.27

Individual 13.2 3.45 4.92 25.6 5.19 163.38 111.91 18.79 -5.39 -51.46

Collective 13.16 3.43 4.95 25.59 11.06 149.81 101.94 13.84 -1.02 -53.9

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Households -15.14 9.03 11.74 6.46 -16.61 -10.02 23.41 10.22 -11.02 -1.61

NPISH 24.48 -55.84 45.71 38.26 14.91 11.64 -4.07 9.17 -1.46 30.6

Government -3.42 -4.62 2.19 33.4 -15.71 120.32 -17.49 -24.9 -28.26 5.13

Individual -3.39 -4.62 2.15 33.44 -19.1 138.81 -17.81 -25.2 -35.56 22.53

Collective -3.43 -4.61 2.21 33.39 -14.6 114.55 -17.38 -24.8 -25.75 -0.07

Growth in Consumption Components, 2019, 2020 & 2021 (Nominal), Percent, %)


Growth Rate

Final Consumption Expenditure of Household


Q2 2021

48.16%

Q1 2021

43.72%

10

Grew by

48.16%

in Q2 2021

From

43.72%

in Q1 2021

And

-17.95%

in Q2 2020


Final Consumption Expenditure of General Government

11

Growth Rate

Q2 2021

-53.56%

Q1 2021

-4.57%

Contracted by

-53.56%

in Q2 2021

From

-4.57%

in Q1 2021

And

148.29%

in Q2 2020



In nominal terms, government expenditure grew by -2.06% in Q1 and -53.27% in Q2 2021 compared to

9.61% and 153.17% in Q1 & Q2 2020 respectively. Annual nominal growth rate of 65.52% was recorded in

2020. Government expenditure, however, grew more rapidly in 2020 than in 2019 by 53.35% points. In

2020, this component accounted for 9.40% of total real GDP expenditure at market price.

Non-Profit-Institutions-Serving-Households(NPISH) Consumption

Final consumption expenditure by non-profit institutions serving households recorded growth rates of

39.48% in Q1 and 37.07% in Q2 2021, year on year in real terms. For annual 2020, growth in real

expenditure for this component was recorded at 119.41% year on year, or 108.72% points higher than

10.69% in 2019. Quarter on quarter, growth in real NPISH expenditure stood at -54.18% in Q1 but rose

significantly to 4.51% in Q2 2021. This expenditure component accounted for 0.78% of real GDP

expenditure at market price in Q1 and a share of 0.82% in Q2 2021. For 2020, it accounted for 0.87% of

total real GDP expenditure at market prices.

General Government

In Q1 and Q2 2021, real general government expenditure grew by -4.57% and -53.56% respectively.

Growth rate in Q1 2021 was lower by -11.37% points when compared to the corresponding quarter of

2020. Similarly, Q2 2021 decreased by -201.85% points compared to Q2 2020. With annual growth rate

standing at 61.58%, the 2020 performance indicated higher growth compared to the preceding year of

2019 due to the efforts of government policies on COVID-19. On quarter on quarter basis, general

government expenditure declined by -28.72% in Q1 2021 against Q4 2020. Growth on quarter on quarter

basis was recorded as 6.52% for Q2 2021.


Individual Consumption Expenditure of General Government

13

Growth Rate

Q2 2021

-55.29%

Q1 2021

-8.57%

Contracted by

-55.29%

in Q2 2021

From

-8.57%

in Q1 2021

And

168.31%

in Q2 2020



Collective Consumption Expenditure of General Government

14

Growth Rate

Q2 2021

-52.93%

Q1 2021

-3.31%

Contracted by

-52.93%

in Q2 2021

From

-3.31%

in Q1 2021

And

141.69%

in Q2 2020



1.2 Capital Formation

Gross Fixed Capital Formation (GFCF)

Real GFCF recorded year-on-year growth in the first and second quarters of 2021 at 3.62% and 8.21%

respectively. On an annual basis, real GFCF grew by -7.55%, or by -15.84% points lower than in 2019.

Quarter on quarter, real GFCF grew by 2.78% and -17.07% in Q1 and Q2 2021 respectively. In nominal

terms, Q1 and Q2 2021 recorded 42.36% and 45.88% growth rates. GFCF grew by 23.21% nominally in

2020 while accounting for 14.95% of total real GDP expenditure at market prices in 2020.

Changes in Inventories

Consumption of Fixed Capital

Consumption of fixed capital is a measure of depreciation of assets, and represents the difference

between gross domestic product (GDP) and net domestic product (NDP). Consumption of fixed capital in

real terms, contracted by -0.19% in Q1 2021 and increased by 65.44% in Q2 2021 compared to -2.44%

recorded in Q1 2020 and -0.73% recorded in Q2 2020. Annual growth rate was -1.29% in 2020, better

than -23.15% recorded a year previous. In nominal terms, Q1 and Q2 2021 grew by 14.45% and 18.13%

respectively. CFC grew by 7.05% in 2020 compared to 16.33% a year earlier.

Changes in inventories, often regarded as a sign of economic confidence (as firms stock up on products if

they anticipate higher future demand), declined by -2.71% and –5.61% in Q1 and Q2 2021 respectively in

real terms. For 2020, this component inclined by 5.94% compared to a growth of -26.23% in the previous

year. In nominal terms, changes in inventories grew by 0.86% year on year in 2020 but accounts for less

than 1% of total real GDP expenditure at market prices.

15

2019 2020 2021

YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

GFCF 13.71 13.34 -0.13 6.31 4.46 -25.38 -6.57 -1.08 3.62 8.21

Changes in Inv. -9.2 -49.25 -44.84 -0.08 -4.18 59.31 -7.76 -9.01 -2.71 -5.61

Cons. of fixed capital -6.69 -42.97 -44.78 -0.34 -2.44 -0.73 -0.71 -0.89 -0.19 65.44

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

GFCF -0.14 11.17 -17.46 16.02 -1.88 -20.58 3.35 22.83 2.78 -17.07

Changes in Inv. 6.28 -41.82 -13.7 87.24 1.92 -3.27 -50.04 84.71 8.98 -6.15

Cons. Of fixed capital -12.71 -36.93 -11.47 104.48 -14.55 -35.83 -11.45 104.1 -13.94 6.36

Growth in Capital Accumulation in 2019, 2020 & 2021 (Real), (percent, %)


Gross Fixed Capital Formation

16

Growth Rate

Q2 2021

8.21%

Q1 2021

3.62%

Grew by

8.21%

in Q2 2021

From

3.62%

in Q1 2021

And

-25.38%

in Q2 2020



Changes in Inventories

17

Growth Rate

Q2 2021

-5.61%

Q1 2021

-2.71%

Contracted by

-5.61%

in Q2 2021

From

-2.71%

in Q1 2021

And

59.31%

in Q2 2020



Consumption of Fixed Capital

18

Growth Rate

Q2 2021

65.44%

Q1 2021

-0.19%

Grew by

65.44%

in Q2 2021

From

-0.19%

in Q1 2021

And

-0.73%

in Q2 2020



19

Nominal imports of goods and services fell within the three quarters of 2020 (Q2, Q3 & Q4 2020),

recording -22.13% in Q2, -4.57% in Q3, and -11.39% in Q4 2020, year on year, to give an annual growth

rate of -7.17%. This was -34.76% points lower than annual growth rate of 2019. In 2021, Q1 recorded

17.13% growth and growth of Q2 stood at 71.59% better than same quarters of the previous year. Quarter

on quarter, nominal imports rose in Q1 by 12.61%, and also inclined in Q2 2021 by 8.37%.

In 2020, imports of goods and services declined significantly in the last three quarters of 2020 in real

terms, recording -33.79% in Q2, -22.76% in Q3 and -28.52% in Q4 2020. On an annual basis however, the

real growth of imports was worse off than 2019, at -19.90% in 2020 compared to 27.26% in the previous

year. Moreover, Imports grew by -3.49% and 50.72% in the first and second quarters of 2021. On a quarter

on quarter basis, imports grew by 12.61% in Q1 and inclined by 0.33% in Q2 2021.

In the first and second quarters of 2021, real exports grew by -68.63% and -31.60%, year on year

compared to 15.49% and -13.41% in Q1 & Q2 2020 respectively. Annual growth rate of -25.82% was

recorded in 2020, worse off compared to 14.98% in 2019. Annual growth rate was -40.79% points lower

than the growth rate recorded in 2019 (14.98%), caused by the negative trajectory observed since Q2

2020. Quarter on quarter, however, growth in real exports remained negative in Q1 2021 but positive in

Q2 2021.

In nominal terms, exports in goods and services fell by -24.04% in Q1 but inclined by 115.68% in Q2 2021.

Annual growth rate of 2020 was -32.65% compared with 3.53% in 2019.

Imports of Goods and Services

Exports of Goods and Services

2019 2020 2021

Y on Y Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

GFCF 70.89 54.07 30.21 38.13 37.64 -1.76 21.78 36.42 42.36 45.88

Changes in Inv. 10.74 10.13 15.05 13.02 9.87 -3.49 -6.68 4.34 11.56 8.23

Cons. of fixed capital 13.8 23.77 15.16 12.73 11.87 -3.42 6.86 13.64 14.45 18.13

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

GFCF 7.7 19.42 -8.52 17.4 7.32 -14.77 13.41 31.51 11.99 -12.67

Changes in Inv. 8.49 13.95 -10.58 2.24 5.47 0.1 -13.54 14.31 12.77 -2.89

Cons. Of fixed capital -10.89 23.52 -8.27 11.65 -11.57 6.64 1.5 18.73 -10.94 10.07

Growth in Capital Accumulation in 2019, 2020 & 2021 (Nominal), (percent, %)


Net Balance of Trade

In response to falling growths in exports and imports in 2020, growth in net balance of trade (or net

exports) was negative in Q1 and Q2 2021. On a year on year basis, Q1 recorded -110.50% growth rate in

real terms and Q2 indicated -74.49% growth in the net trade balance. Annual growth rate of -30.00% in

real terms was recorded compared to 7.64% in 2019. On a quarter on quarter basis, the net trade balance

grew by –143.96% and -292.60% in Q1 and Q2 2021 respectively. This component accounted for 13.16%

of total real GDP expenditure at market prices in 2020. It also accounted for -2.23% and 4.32% of total real

GDP expenditure at market prices in Q1 & Q2 of 2021.

20

1.3 Balance of trade in Goods and Services

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Exports 16.84 19.61 11.01 14.1 15.49 -13.41 -42.06 -53.54 -68.63 -31.6

Imports 34.13 57.71 0.02 30.37 9.08 -33.79 -22.76 -28.52 -3.49 50.72

Trade Balance 7.08 0 17.94 3.4 20.02 3.12 -52.4 -74.29 -110.5 -74.49

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Exports -4.52 -2.1 27.85 -4.52 -3.36 -26.61 -14.45 -23.43 -34.74 60.01

Imports -0.32 5.85 -0.47 24.14 -16.59 -35.76 16.11 14.89 12.61 0.33

Trade Balance -7.28 -7.73 50.84 -19.87 7.62 -20.72 -30.37 -56.73 -143.96 -292.6

Growth in Trade and Services in 2019, 2020 & 2021 (Real), (percent, %)


21

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Exports -0.76 3.42 6.44 4.84 -9.22 -49.78 -40.63 -29.5 -24.04 115.68

Imports 34.59 58.32 0.31 30.48 11.45 -22.13 -4.57 -11.39 17.13 71.59

Trade Balance -1640.97 -481.96 -20.92 105.67 74.53 51.55 163.73 15.68 82.49 32.67

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Exports 0.75 2.21 12.72 -9.68 -12.76 -43.46 33.26 7.26 -6 60.53

Imports -0.26 5.88 -0.48 24.15 -14.81 -26.03 21.98 15.28 12.61 8.37

Trade Balance -3.23 17.08 -35.64 182.03 -17.88 1.66 12.01 23.71 29.55 -26.1

Growth in Trade and Services in 2019, 2020 & 2021 (Nominal), (percent, %)


Exports of Goods and Services

22

Growth Rate

Q2 2021

-31.60%

Q1 2021

-68.63%

Contracted by

-31.60%

in Q2 2021

From

-68.63%

in Q1 2021

And

-13.41%

in Q2 2020



Imports of Goods and Services

23

Growth Rate

Q2 2021

50.72%

Q1 2021

-3.49%

Grew by

50.72%

in Q2 2021

From

-3.49%

in Q1 2021

And

-33.79%

in Q2 2020



24

National Disposable Income (NDI) is equal to national income, plus net other current transfers from the

rest of the world. It measures all of the income which is available for use by residents and firms in Nigeria. It

differs slightly from GDP which can be thought of as the sum of all income produced in the economy, as

some income produced in Nigeria is transferred to the rest of the world, and vice versa.

Operating Surplus

Compensation of Employees

This is equal to operating surplus earned from non-resident units, plus property income earned from

assets owned, minus interest payable in liabilities and rents payable on land or other tangible assets held

abroad.

This consists of total remuneration of employees in the formal sector, including both wages and salaries,

and benefits in kind (such as pensions).

Compensation of Employees from rest of world (net)

This is the same as domestic compensation of employees, other than that the remuneration is earned from

institutional units not resident within Nigeria.

This is equal to the profit that remains for firms after costs have been covered. It includes the profit of

those who are self-employed, which is often included in the national accounts under the entry “Mixed

Income”. It is calculated as a residual.

National Income is calculated as the sum of domestic factor income (compensation of employees and

operating surplus), external income (net compensation of employees and property income from the rest of

world) and net taxes on production.

Property and entrepreneurial income from rest of world (net)

NATIONAL DISPOSABLE INCOME


25

These consist of transfers from non-resident units that are included as either compensation of employees

or property and entrepreneurial income. They can include items such as remittances or net premiums and

claims for non-life insurance.

Other Current Transfers from rest of world (net)

Net taxes on Products

This represents total taxes payable on products, minus any subsidies received for the product.


Compensation of Employees

In Q1 and Q2 2021, Compensation of Employees grew by 9.26% and 19.44% respectively in real terms

year on year. Positive growth was recorded in Q1 and negative growths in Q2, Q3 of the previous year at

6.70%, -6.47% & -2.32% respectively; this moved to positive growth (6.36%) in Q4 2020. Overall, growth

in 2020 stood at 0.96%, lower by -8.02% points in real terms, compared to 2019 which recorded 8.99%. On

quarter on quarter basis, compensation of employees in real terms, fell by -8.92% in Q1 and grew by 9.85%

in Q2 2021. In nominal terms, Compensation of employees grew by 12.12% and 20.19% in Q1 and Q2

2021 respectively. Nominal annual growth rate of 3.45% for 2020 was recorded, which was lower than

12.37% in 2019.

Operating Surplus

Net Taxes on Products

On a year on year basis, Net Taxes on Products grew in real terms by -10.46% in Q1 2021, and 42.97% in

Q2 2021 compared to 12.04% and 1.32% in Q1, Q2 2020. Annual growth of 11.31% was recorded in 2020,

an improvement from the -4.09% reported in 2019. In nominal terms, growth rate of Net Taxes on

Products was 52.93% in Q1 2021, and 56.56% in Q2 2021. Following the positive growth rates over the

four quarters in 2020, annual growth of 34.97% was recorded in 2020 compared to 5.82% in the previous

year.

Operating Surplus grew negatively in 2021 Q1, Q2, recording -3.15% in Q1, -4.45% in Q2 on a year on year

basis in real terms. This indicator had recorded negative growth since Q2 2020. The negative growth

witnessed in the last three quarters of 2020 led to an annual real growth rate of -3.07%, a reversal from the

1.48% observed in 2019. In nominal terms, operating surplus maintained positive growth in Q1 and Q2

2021, coming from a positive growth recorded in Q3 and Q4 of the previous year, with growth rate

reported at 4.37%, and 10.19% in Q3 and Q4 2020 respectively, year on year. Annual nominal growth in

2020 stood at 6.40%, lower than 12.85% recorded a year earlier.

2.1 National Disposable Income- Domestic Income


Compensation of Employees (Wages and Salaries)

27

Growth Rate

Q2 2021

19.44%

Q1 2021

9.26%

Grew by

19.44%

in Q2 2021

From

9.26%

in Q1 2021

And

-6.47%

in Q2 2020



Operating Surplus

28

Growth Rate

Q2 2021

-4.45%

Q1 2021

-3.15%

Contracted by

-4.45%

in Q2 2021

From

-3.15%

in Q1 2021

And

-5.93%

in Q2 2020



Net Taxes on Products

29

Growth Rate

Q2 2021

42.97%

Q1 2021

-10.46%

Grew by

42.97%

in Q2 2021

From

-10.46%

in Q1 2021

And

1.32%

in Q2 2020



30

The nominal Net Compensation of Employees from the rest of the world Net in Q1 and Q2 2021 stood at

N19.07billion and N21.53billion respectively, representing inclines of 46.45% and 110.58% on a year on

year basis from the corresponding quarters of 2020. For 2020, total annual compensation (net) stood at

N61.32billion, a decrease of -8.91% compared to 2019.

Net Compensation of Employees

In real terms, net compensation of employees from the rest of the world grew by -39.51% in the first

quarter of 2021 year on year, and further declined by -33.22% in Q2 2021. These growth rates were lower

from the 0.52% and 1.15% recorded in Q1, Q2 2020. Annual growth rate stood at 5.75% in 2020, an

improvement from -8.95% it recorded a year previous. On quarter on quarter basis, it grew by -31.24% in

Q1 and 12.56% in Q2 2021.

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Comp. of Employees 3.85 10.71 11.23 9.79 6.7 -6.47 -2.32 6.36 9.26 19.44

Operating Surplus 1.94 2.13 2.1 -0.03 0.25 -5.93 -4.17 -2.34 -3.15 -4.45

Net taxes on Products -2.26 4.74 -9.19 -5.5 12.04 1.32 40.31 -9.05 -10.46 42.97

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Comp. of Employees -8.76 14.63 -1.63 6.72 -11.33 0.48 2.73 16.21 -8.92 9.85

Operating Surplus -15.71 1.58 15.1 1.43 -15.47 -4.67 17.25 3.36 -16.17 -5.95

Net taxes on Products -42.77 7.02 40.47 9.84 -32.14 -3.22 94.51 -28.79 -33.2 54.53

Growth in Domestic Factor Incomes in 2019, 2020 & 2021 (Real), (percent, %)

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Comp. of Employees 7.93 14.35 14.15 12.67 9.5 -4.64 0.24 9.15 12.12 20.19

Operating Surplus 13.4 13.15 12.82 12.18 12.97 -1.88 4.37 10.19 12.13 12.49

Net taxes on Products 7.13 16.95 0.59 3.51 23.2 4.89 50.51 47.39 52.93 56.56

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Comp. of Employees -8.17 16.12 -1.63 7.41 -10.76 1.14 3.4 16.96 -8.33 8.42

Operating Surplus -10.25 6.84 13.39 3.18 -9.62 -7.21 20.61 8.92 -8.02 -6.91

Net taxes on Products -40.1 14.25 38.9 8.9 -28.71 -2.73 99.32 6.64 -26.03 -0.42

Growth in Domestic Factor Incomes in 2019, 2020 & 2021 (Nominal), (percent, %)


31

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 7.5 6.39 2.72 2.38 -18.95 -33.88 9.39 14.73 28.83 88.75

To RoW 398.01 399.61 662.84 13.88 19.77 19.66 -17.39 -1.65 -47.32 14.6

From RoW Net -3.52 -4.43 -14.2 0.07 -24.59 -41.57 15.5 18.47 46.45 110.58

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW 1.44 1.18 -0.02 -0.23 -19.7 -17.45 65.4 4.63 -9.82 20.95

To RoW -22.9 0 47.71 0 -18.91 -0.1 1.98 19.05 -56.57 117.36

From RoW Net 6.33 1.35 -6.88 -0.29 -19.87 -21.47 84.07 2.28 -0.95 12.92

Compensation of Employees to and from Rest of World in 2019, 2020 & 2021 (Nominal), (percent, %)

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 20.79 22.54 -5.68 -7.32 8.04 14.48 21.26 -9.1 -46.79 -40.14

To RoW 1417.76 1421.78 2231.73 248.39 59.66 107.16 -8.42 -22.07 -78.24 -63.65

From RoW Net 6.51 8.23 -22.62 -20.64 0.52 1.15 28.03 -6.13 -39.51 -33.22

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW -8.25 1.14 0.24 -0.36 6.95 7.16 6.18 -25.3 -37.4 20.55

To RoW 135.65 -0.05 48.1 -0.13 7.99 29.69 -34.53 -15.01 -69.85 116.65

From RoW Net -15.75 1.31 -6.64 -0.41 6.71 1.95 18.17 -26.98 -31.24 12.56

Compensation of Employees to and from Rest of World in 2019, 2020 & 2021 (Real), (percent, %)


In real terms, growth rates of Property and Entrepreneurial income from the rest of the world net moved

from positive trend in 2019 to negative in 2020. This indicator declined by -85.14% in Q1 of 2021 but

improved significantly in Q2 2021 when growth was 28.93%. Annual growth was recorded at -36.07% in

2020 compared to 236.42% for 2019. It recorded real growth of -272.50% points lower than annual

growth rate of 236.42% in the previous year, considerably worse off than the previous year. However,

quarter on quarter in real terms, growth was -69.42% in Q1 and 432.03% in Q2 2021.

Property and Entrepreneurial Income

The Net Property and Entrepreneurial Income from rest of the world, in nominal terms recorded negative

growth rates in the four quarters of 2020, with –27.28% in Q1 and -66.49% in Q2 2020. Real growth rates

year on year were -64.01% and 306.53% in Q1, Q2 2021 respectively. Annual 2020 growth rate of

–46.48% was recorded compared to -16.58% in 2019. This indicates that property income paid to

residents abroad was larger than property income received from assets and ventures abroad. This was

worse off in 2020 occasioned by the Covid -19 Pandemic.

2.2 National Disposable Income- External Income

32

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 61.43 55.65 -0.18 -23.26 17.49 -1.46 -34.05 -24.6 -73.23 -59.37

To RoW 198.59 162.34 143.45 163.04 0.09 -35.43 -41.65 -51.48 -83 7.15

From RoW Net 252.77 202.27 215.25 288.04 -3.06 -41.98 -42.85 -55.05 -85.14 28.93

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW -0.24 9.27 -16.53 -15.67 52.75 -8.36 -44.14 -3.57 -45.78 39.11

To RoW 161.62 3.52 -1.3 -1.6 -0.45 -33.22 -10.81 -18.18 -65.11 320.86

From RoW Net 270.21 2.49 1.63 0.63 -7.51 -38.67 0.11 -20.85 -69.42 432.03

Property and Entrepreneurial Income to and from Rest of World in 2019, 2020 & 2021 (Real), (percent, %)


33

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 43.67 35.14 8.72 -15.23 -11.86 -43.08 -40.51 -4.84 -35.2 28.11

To RoW -2.03 -13.87 -20.35 -14.01 -24.92 -62.71 -47.36 -38.77 -58.83 237.86

From RoW Net -7.35 -19.5 -23.59 -13.85 -27.28 -66.49 -48.45 -43.27 -64.01 306.53

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW 10.3 9.31 -16.74 -15.56 14.69 -29.41 -12.99 35.07 -21.9 39.56

To RoW -14.4 3.57 -1.56 -1.47 -25.25 -48.56 38.94 14.61 -49.75 322.22

From RoW Net -17.73 2.53 1.37 0.76 -30.55 -52.75 55.93 10.87 -55.95 433.75

Property and Entrepreneurial Income to and from Rest of World in 2019, 2020 & 2021 (Nominal), (percent, %)


34

In nominal terms, Other current transfers (net) recorded a positive growth in Q1 2021, at 25.90% and

66.64% in Q2 2021 against negative growths in Q1 and Q2 2020, at -17.30% and -11.37% respectively,

with overall 2020 growth rate put at -7.44%. This rate was less than 9.74% recorded in 2019. On a quarter

on quarter basis, Other current transfers (Net) recorded a rise of 13.71% in Q1 2021, and also positive in

the second quarter of the year with 7.08% growth rate.

Other current transfers from the rest of the world (net), includes transfers between resident and non-

resident households. In real terms, this component recorded a growth rate of -48.00% in the first quarter

of 2021, with -47.15% growth rate in subsequent quarter in Q2 2021, on a year on year basis. For the

annual 2020 growth rate, Other current transfers (net) grew by 11.65% compared to 9.62% in 2019. On a

quarter on quarter basis, Other current transfers (net) declined by -21.06% in Q1, and in second quarter

2021 by 6.73%.

Other Current Transfers

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 48.44 13.28 -7.82 2.55 10.88 52.36 12.83 -21.28 -48.27 -39.04

To RoW 353.5 695.11 184.6 754.65 46.48 22.66 99.54 -37.2 -59.68 239.16

From RoW Net 46.66 9.84 -9.06 -0.48 10.24 53.45 11.07 -20.73 -48 -47.15

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW 10.15 -23.18 2.32 18.45 19.11 5.55 -24.23 -17.36 -21.74 24.38

To RoW 385.86 52.54 -42.19 99.49 -16.73 27.74 -5.96 -37.22 -46.54 974.5

From RoW Net 8.64 -24.55 3.94 16.8 20.35 5.02 -24.76 -16.64 -21.06 6.73

Other Current Transfers in 2019, 2020 & 2021 (Real), (percent, %)

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

From RoW 32.11 -1.65 0.4 13.28 -16.82 -11.99 1.78 -0.65 25.24 92.2

To RoW 48.8 161.04 -6.89 179.37 9.88 -29.15 80 -20.75 -2.38 969.42

From RoW Net 31.84 -3.84 0.56 11 -17.3 -11.37 0.2 0.05 25.9 66.64

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

From RoW 21.79 -23.15 2.05 18.59 -10.57 -18.69 18.02 15.76 12.73 24.79

To RoW 58.97 52.61 -42.34 99.74 -37.47 -1.6 46.48 -12.06 -22.99 977.99

From RoW Net 21.28 -24.51 3.67 16.95 -9.64 -19.1 17.2 16.77 13.71 7.08

Other Current Transfers in 2019, 2020 & 2021 (Nominal), (percent, %)


Capital finance is the sum savings, and consumption of fixed capital. It is equal to gross accumulation of

capital; as all savings in the economy are invested, either as gross fixed capital formation, inventories, or as

loans to the rest of the world. As with the difference between GDP and NDP (net domestic product) the

word “gross” refers to the fact that consumption of fixed capital is included. Subtracting this value gives

net capital accumulation.

3.1 Capital Finance– Savings and Net Lending

Net Lending to rest of the world, in nominal terms, inclined by 76.07% in Q1 and 50.86% in Q2 2021. It stood at 300.44% in Q1 2020 and 38.39% in Q2 2020 on a year on year basis. For 2020, nominal net lending grew by 71.18% compared to a high growth of 534.54% in the previous year.

Savings

In real terms, savings grew by -59.40% in Q1 and declined further by –55.06% in Q2 2021. For 2020, real savings contracted by -9.29% compared to 2019 when it grew by 1.38%. Quarter on quarter, growth in savings declined by -25.89% in Q1 but rose in Q2 2021 by 2.83%.In 2021, nominal savings rose by 38.84% in Q1 and 50.45% in Q2 year on year compared to 22.81% and -9.48% in Q1 and Q2 2020 respectively. Annual growth rate of 17.04% was recorded in 2020, overall, this was a lesser performance relative to 2019 which recorded 33.13% annual growth rate in nominal savings.

In real terms, net lending to the rest of the world year on year declined by –88.13% in Q1 and –74.03% in Q2 2021 compared to 20.62% and 43.81% in Q1 & Q2 2020. Annual growth rate stood at -9.60% in 2020. This was, however, worse off compared to the growth rate recorded in 2019 (-6.62%).

Net Lending to Rest of the World

Savings

Finance of Gross Accumulation This is equal to Savings + Consumption of Fixed Capital

Consumption of Fixed Capital See chapter 1

Gross Fixed Capital Formation See chapter 1

Change in Inventories See chapter 1

Net lending to the rest of the world

Savings is measured as the difference between National Disposable Income and total consumption expenditure (of households, government and Not-for-Profit-Institutions-Serving-Households)

This represents savings, minus the value of acquisitions less disposables of financial assets, less the consumption of fixed capital. Essentially it is the amount that resident units in Nigeria are able to finance non-resident units.

35

CAPITAL FINANCE


36

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Savings 10.89 2.65 0.86 -7 15.85 12.33 -24.53 -37.7 -59.4 -55.06

Net lending to RoW 6.1 -13.16 -4.83 -13.51 20.62 43.81 -32.09 -56.23 -88.13 -74.03

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Savings -8.72 -4.18 15.71 -8.11 13.7 -7.09 -22.25 -24.15 -25.89 2.83

Net lending to RoW -14.82 -19.44 42.9 -11.8 18.79 -3.95 -32.52 -43.14 -67.8 110.21

Capital Finance in 2019, 2020 & 2021 (Real), (percent, %)

2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Y on Y

Savings 47.46 12.39 57.18 24.78 22.81 -9.48 3.51 55.22 38.84 50.45

Net lending to RoW -172.06 -242.85 -48.41 124.68 300.44 38.39 240.3 5.22 76.07 50.86

2019 2020 2021

Q on Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Savings 29.98 5.83 0.2 -9.47 27.93 -21.99 14.57 35.75 14.43 -15.47

Net lending to RoW -59.32 185.7 -52.67 308.45 -27.49 -1.26 16.37 26.3 21.33 -15.4

Capital Finance in 2019, 2020 & 2021 (Nominal), (percent, %)


TABLE 1 1/4

GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT 2017

PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total

(=N='MILLION)

FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 20,157,826.35 21,575,167.68 24,570,827.26 25,296,160.63 91,599,981.92

FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 158,256.24 69,438.02 102,767.94 134,684.80 465,147.00

FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 1,295,031.54 1,336,577.70 1,286,786.43 1,140,980.41 5,059,376.09

Individual Consumption Expenditure of general government 321,255.25 331,531.96 319,061.10 282,987.78 1,254,836.09

Collective Consumption Expenditure of general government 973,776.29 1,005,045.74 967,725.34 857,992.63 3,804,540.00

CHANGES IN INVENTORIES 199,797.81 234,661.66 209,909.31 227,384.48 871,753.26

GROSS FIXED CAPITAL FORMATION 4,190,921.42 4,438,124.11 3,797,313.33 4,481,774.29 16,908,133.14

EXPORTS OF GOODS AND SERVICES 3,367,091.99 3,503,706.36 3,984,805.88 4,278,421.82 15,134,026.05

LESS IMPORTS OF GOODS AND SERVICES 3,140,073.83 3,891,280.60 4,196,399.80 3,911,413.33 15,139,167.56

EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 26,228,851.52 27,266,394.92 29,756,010.34 31,647,993.11 114,899,249.90

COMPENSATION OF EMPLOYEES 6,861,779.81 7,343,169.32 7,435,862.39 8,303,247.04 29,944,058.56

OPERATING SURPLUS 17,751,093.62 18,220,959.53 20,508,667.25 21,329,513.86 77,810,234.26

CONSUMPTION OF FIXED CAPITAL 1,203,140.41 1,278,192.37 1,229,299.75 1,402,406.06 5,113,038.59

OTHER TAXES ON PRODUCTION (NET) 212,342.20 187,929.24 203,844.64 240,187.12 844,303.20

GROSS DOMESTIC PRODUCT AT BASIC PRICES 26,028,356.03 27,030,250.47 29,377,674.03 31,275,354.08 113,711,634.61

NET TAXES ON PRODUCTS 200,495.49 236,144.45 378,336.31 372,639.03 1,187,615.29

GROSS DOMESTIC PRODUCT AT MARKET PRICES 26,228,851.52 27,266,394.92 29,756,010.34 31,647,993.11 114,899,249.90

APPENDIX TABLES

TABLE 1 2/4



(=N='MILLION)





Collective Consumption Expenditure of general government 1,275,111.82 1,330,745.40 1,340,328.26 1,494,118.53 5,440,304.01

CHANGES IN INVENTORIES 247,578.37 283,676.83 242,796.91 252,693.85 1,026,745.96












TABLE 1 3/4



(=N='MILLION)





Collective Consumption Expenditure of general government 1,442,884.21 1,376,334.79 1,406,687.94 1,876,408.53 6,102,315.48









OTHER TAXES ON PRODUCTION (NET) 265,933.98 253,003.80 277,840.84 305,357.60 1,102,136.22




TABLE 1 4/4 2020 2021

GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT Q1 Q2 Q3 Q4 Total Q1 Q2

PURCHASERS' VALUE

(=N='MILLION)

FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 25,381,705.99 22,838,298.21 28,184,496.69 31,064,452.75 107,468,953.64 27,640,877.27 27,194,953.74

FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 189,848.24 211,941.65 203,318.50 221,969.97 827,078.37 218,721.77 285,660.68

FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 2,103,227.24 4,633,913.62 3,823,421.23 2,871,253.27 13,431,815.36 2,059,846.00 2,165,527.22

Individual Cosumption Expenditure of general government 500,710.07 1,195,760.14 982,792.88 735,171.22 3,414,434.31 473,740.91 580,459.63

Collective Cosumption Expenditure of general government 1,602,517.17 3,438,153.48 2,840,628.35 2,136,082.05 10,017,381.05 1,586,105.09 1,585,067.59

CHANGES IN INVENTORIES 301,215.79 301,520.08 260,679.59 297,976.26 1,161,391.72 336,026.09 326,330.39

GROSS FIXED CAPITAL FORMATION 10,803,796.43 9,207,728.84 10,442,338.30 13,733,168.83 44,187,032.41 15,379,955.45 13,432,006.08

EXPORTS OF GOODS AND SERVICES 4,461,034.23 2,522,160.62 3,361,110.88 3,604,971.46 13,949,277.18 3,388,657.47 5,439,835.97

LESS IMPORTS OF GOODS AND SERVICES 7,270,926.74 5,378,665.42 6,560,643.78 7,562,993.84 26,773,229.78 8,516,398.49 9,229,475.83

EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 35,969,901.18 34,336,897.61 39,714,721.41 44,230,798.70 154,252,318.90 40,507,685.57 39,614,838.25

COMPENSATION OF EMPLOYEES 9,330,555.09 9,436,492.52 9,757,209.58 11,412,478.34 39,936,735.53 10,461,591.71 11,342,131.14

OPERATING SURPLUS 24,397,125.23 22,638,913.88 27,305,908.67 29,742,502.32 104,084,450.10 27,356,605.41 25,466,316.79

CONSUMPTION OF FIXED CAPITAL 1,612,603.85 1,719,720.05 1,745,455.40 2,072,462.25 7,150,241.54 1,845,645.93 2,031,426.70

OTHER TAXES ON PRODUCTION (NET) 307,121.91 228,071.16 280,886.96 336,563.39 1,152,643.41 350,639.69 283,838.69

GROSS DOMESTIC PRODUCT AT BASIC PRICES 35,647,406.08 34,023,197.60 39,089,460.61 43,564,006.29 152,324,070.59 40,014,482.74 39,123,713.32

NET TAXES ON PRODUCTS 322,495.09 313,700.00 625,260.80 666,792.41 1,928,248.31 493,202.83 491,124.94

GROSS DOMESTIC PRODUCT AT MARKET PRICES 35,969,901.18 34,336,897.61 39,714,721.41 44,230,798.70 154,252,318.90 40,507,685.57 39,614,838.25

TABLE 2 1/4 2017

NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total

CURRENT PURCHASERS' VALUE

(=N='MILLION)



DOMETIC FACTOR INCOME 24,612,873.42 25,564,128.85 27,944,529.65 29,632,760.90 107,754,292.82

COMPENSATION OF EMPLOYEES

FROM AND TO THE REST OF THE WORLD NET 15,777.16 17,482.69 19,117.69 17,506.77 69,884.31

PROPERTY AND ENTREPRENEURIAL INCOME

FROM AND TO THE REST OF THE WORLD (NET) -711,049.54 -1,014,357.56 -930,046.29 -928,737.67 -3,584,191.06


NATIONAL INCOME AT MARKET PRICES 24,118,096.53 24,803,398.44 27,411,937.36 29,094,169.02 105,427,601.36

OTHER CURRENT TRANSFERS

FROM THE REST OF THE WORLD NET 1,495,457.93 1,661,501.61 1,770,442.44 1,787,694.04 6,715,096.02

NATIONAL DISPOSABLE INCOME 25,613,554.46 26,464,900.05 29,182,379.80 30,881,863.06 112,142,697.37

GOVERNMENT FINAL CONSUMPTION EXPENDITURE 1,295,031.54 1,336,577.70 1,286,786.43 1,140,980.41 5,059,376.09



SAVING 4,002,440.32 3,483,716.65 3,221,998.18 4,310,037.22 15,018,192.36

APPROPRIATION OF DISPOSABLE INCOME 25,613,554.46 26,464,900.05 29,182,379.80 30,881,863.06 112,142,697.37

TABLE 2 2/4 2018



(=N='MILLION)







FROM AND TO THE REST OF THE WORLD (NET) -1,024,142.01 -1,208,493.51 -1,290,597.49 -1,153,343.27 -4,676,576.28









SAVING 4,217,024.06 5,855,457.50 4,195,293.55 4,784,103.70 19,051,878.81


TABLE 2 3/4 2019



(=N='MILLION)







FROM AND TO THE REST OF THE WORLD (NET) -948,827.38 -972,857.07 -986,151.37 -993,597.72 -3,901,433.55









SAVING 6,218,452.05 6,581,109.62 6,594,267.35 5,969,750.62 25,363,579.64


TABLE 2 4/4 2020 2021

NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total Q1 Q2


(=N='MILLION)



DOMETIC FACTOR INCOME 33,727,680.32 32,075,406.39 37,063,118.26 41,154,980.66 144,021,185.63 37,818,197.12 36,808,447.93


FROM AND TO THE REST OF THE WORLD NET 13,020.66 10,225.55 18,822.50 19,251.74 61,320.44 19,068.78 21,532.56


FROM AND TO THE REST OF THE WORLD (NET) -690,023.84 -326,020.25 -508,379.60 -563,650.67 -2,088,074.36 -248,310.84 -1,325,369.20

NET TAXES ON PRODUCTS 322,495.09 313,700.00 625,260.80 666,792.41 1,928,248.31 493,202.83 491,124.94

NATIONAL INCOME AT MARKET PRICES 33,373,172.23 32,073,311.69 37,198,821.95 41,277,374.14 143,922,680.02 38,082,157.89 35,995,736.23


FROM THE REST OF THE WORLD NET 1,938,553.66 1,568,304.07 1,837,978.39 2,146,285.05 7,491,121.16 2,440,644.67 2,613,392.31

NATIONAL DISPOSABLE INCOME 35,311,725.89 33,641,615.77 39,036,800.34 43,423,659.19 151,413,801.18 40,522,802.55 38,609,128.53

GOVERNMENT FINAL CONSUMPTION EXPENDITURE 2,103,227.24 4,633,913.62 3,823,421.23 2,871,253.27 13,431,815.36 2,059,846.00 2,165,527.22



SAVING 7,636,944.42 5,957,462.28 6,825,563.92 9,265,983.19 29,685,953.81 10,603,357.51 8,962,986.89

APPROPRIATION OF DISPOSABLE INCOME 35,311,725.89 33,641,615.77 39,036,800.34 43,423,659.19 151,413,801.18 40,522,802.55 38,609,128.53

TABLE 3 1/4

CAPITAL FINANCE 2017

CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total

(=N='MILLION)

SAVING 4,002,440.32 3,483,716.65 3,221,998.18 4,310,037.22 15,018,192.36


CAPITAL TRANSFERS

FROM THE REST OF THE WORLD NET - - - - -

FINANCE OF GROSS ACCUMULATION 5,205,580.73 4,761,909.02 4,451,297.92 5,712,443.28 20,131,230.95



PURCHASES OF INTANGIBLE ASSETS N.E.C.


NET LENDING TO THE REST OF THE WORLD 814,861.51 89,123.26 444,075.28 1,003,284.51 2,351,344.55

GROSS ACCUMULATION 5,205,580.73 4,761,909.02 4,451,297.92 5,712,443.28 20,131,230.95

TABLE 3 2/4



(=N='MILLION)

SAVING 4,217,024.06 5,855,457.50 4,195,293.55 4,784,103.70 19,051,878.81


CAPITAL TRANSFERS







NET LENDING TO THE REST OF THE WORLD 642,985.70 926,723.04 -1,214,413.48 -1,138,961.25 -783,665.99


TABLE 3 3/4



(=N='MILLION)

SAVING 6,218,452.05 6,581,109.62 6,594,267.35 5,969,750.62 25,363,579.64


CAPITAL TRANSFERS







NET LENDING TO THE REST OF THE WORLD -463,356.64 -1,323,823.69 -626,514.14 -2,558,998.50 -4,972,692.98


TABLE 3 4/4

CAPITAL FINANCE 2020 2021

CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total Q1 Q2

(=N='MILLION)

SAVING 7,636,944.42 5,957,462.28 6,825,563.92 9,265,983.19 29,685,953.81 10,603,357.51 8,962,986.89

CONSUMPTION OF FIXED CAPITAL 1,612,603.85 1,719,720.05 1,745,455.40 2,072,462.25 7,150,241.54 1,845,645.93 2,031,426.70

CAPITAL TRANSFERS

FROM THE REST OF THE WORLD NET - - - - - - -

FINANCE OF GROSS ACCUMULATION 9,249,548.27 7,677,182.33 8,571,019.31 11,338,445.44 36,836,195.36 12,449,003.44 10,994,413.58

CHANGES IN INVENTORIES 301,215.79 301,520.08 260,679.59 297,976.26 1,161,391.72 336,026.09 326,330.39




NET LENDING TO THE REST OF THE WORLD -1,855,463.95 -1,832,066.59 -2,131,998.58 -2,692,699.65 -8,512,228.77 -3,266,978.10 -2,763,922.88

GROSS ACCUMULATION 9,249,548.27 7,677,182.33 8,571,019.31 11,338,445.44 36,836,195.36 12,449,003.44 10,994,413.58

TABLE 4 1/4 2017

Q1 Q2 Q3 Q4 Total

EXTERNAL TRANSACTIONS


(=N='MILLION)



FROM THE REST OF THE WORLD 16,276.08 17,967.78 19,604.70 17,995.19 71,843.75




FROM THE REST OF THE WORLD 1,567,999.15 1,699,198.97 1,797,688.58 1,809,434.23 6,874,320.92

CURRENT RECEIPTS 5,044,070.50 5,313,629.42 5,907,771.24 6,220,795.59 22,486,266.75

IMPORTS OF GOODS AND SERVICES 3,140,073.83 3,891,280.60 4,196,399.80 3,911,413.33 15,139,167.56


TO THE REST OF THE WORLD 498.93 485.09 487.01 488.42 1,959.44


TO THE REST OF THE WORLD 803,752.81 1,107,113.88 1,035,718.37 1,043,682.03 3,990,267.08


TOTHE REST OF THE WORLD 72,541.22 37,697.36 27,246.14 21,740.18 159,224.91

SURPLUS OF THE NATION ON CURRENT

TRANSACTIONS 1,027,203.70 277,052.50 647,919.92 1,243,471.63 3,195,647.75

DISPOSAL OF CURRENT RECEIPTS 5,044,070.50 5,313,629.42 5,907,771.24 6,220,795.59 22,486,266.75

TABLE 4 2/4 2018

Q1 Q2 Q3 Q4 Total



(=N='MILLION)











TO THE REST OF THE WORLD 505.16 503.53 487.13 3,262.98 4,758.80


TO THE REST OF THE WORLD 1,143,536.61 1,347,251.03 1,434,186.80 1,308,854.23 5,233,828.67




TRANSACTIONS 876,223.69 1,143,379.28 -981,632.84 -868,008.21 169,961.91


TABLE 4 3/4 2019

Q1 Q2 Q3 Q4 Total



(=N='MILLION)











TO THE REST OF THE WORLD 2,515.76 2,515.70 3,716.05 3,715.99 12,463.50






TRANSACTIONS -197,422.66 -1,070,819.89 -348,673.31 -2,253,640.90 -3,870,556.76


TABLE 4 4/4 2020 2021

Q1 Q2 Q3 Q4 Total Q1 Q2



(=N='MILLION)



FROM THE REST OF THE WORLD 16,033.80 13,235.82 21,892.32 22,906.31 74,068.26 20,655.98 24,982.43




FROM THE REST OF THE WORLD 1,985,000.72 1,614,007.65 1,904,923.85 2,205,159.33 7,709,091.55 2,485,984.99 3,102,154.21

CURRENT RECEIPTS 6,613,258.11 4,256,135.64 5,380,798.89 5,958,481.93 22,208,674.56 5,993,274.20 8,703,710.26

IMPORTS OF GOODS AND SERVICES 7,270,926.74 5,378,665.42 6,560,643.78 7,562,993.84 26,773,229.78 8,516,398.49 9,229,475.83


TO THE REST OF THE WORLD 3,013.15 3,010.28 3,069.83 3,654.57 12,747.82 1,587.20 3,449.87


TO THE REST OF THE WORLD 841,213.20 432,751.79 601,251.43 689,095.50 2,564,311.93 346,286.60 1,462,106.85


TOTHE REST OF THE WORLD 46,447.06 45,703.58 66,945.47 58,874.28 217,970.39 45,340.32 488,761.90


TRANSACTIONS -1,548,342.04 -1,603,995.43 -1,851,111.62 -2,356,136.27 -7,359,585.36 -2,916,338.41 -2,480,084.19

DISPOSAL OF CURRENT RECEIPTS 6,613,258.11 4,256,135.64 5,380,798.89 5,958,481.93 22,208,674.56 5,993,274.20 8,703,710.26

TABLE 5 1/4 2017

GROSS DOMESTIC PRODUCT AND EXPENDITURE Q1 Q2 Q3 Q4 Total

AT 2010 PURCHASER'S VALUES



FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 694,642.95 715,382.70 688,233.96 609,792.40 2,708,052.02


Collective Consumption Expenditure of general government 386,201.24 471,443.58 438,856.63 378,596.00 1,675,097.45





EXPENDITURE ON THE GROSS DOMESTIC PRODUCT AT MARKET PRICES 15,919,656.99 16,477,424.32 17,988,950.81 18,819,658.99 69,205,691.11



CONSUMPTION OF FIXED CAPITAL 860,198.68 903,496.68 865,515.73 982,807.27 3,612,018.37



NET TAXES ON PRODUCTS 121,691.16 142,705.05 228,722.64 221,591.92 714,710.78


TABLE 5 2/4 2018





FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 905,375.37 926,946.74 927,591.99 1,027,351.08 3,787,265.18















TABLE 5 3/4 2019




















TABLE 5 4/4 2020 2021

GROSS DOMESTIC PRODUCT AND EXPENDITURE Q1 Q2 Q3 Q4 Total Q1 Q2





Individual Cosumption Expenditure of general government 250,657.99 617,789.24 485,662.80 360,952.58 1,715,062.61 229,165.18 276,185.69

Collective Cosumption Expenditure of general government 802,228.19 1,687,003.97 1,403,741.88 1,048,768.36 4,941,742.40 775,647.73 794,113.11

CHANGES IN INVENTORIES 149,517.61 144,635.36 72,265.70 133,483.38 499,902.05 145,466.23 136,518.13



LESS IMPORTS OF GOODS AND SERVICES 2,319,151.58 1,489,935.02 1,729,989.95 1,987,646.21 7,526,722.77 2,238,212.48 2,245,684.68

EXPENDITURE ON THE GROSS DOMESTIC PRODUCT at Market Prices 16,893,269.79 16,044,513.73 18,109,596.02 19,753,163.95 70,800,543.49 16,962,505.92 16,904,236.42



CONSUMPTION OF FIXED CAPITAL 800,464.93 513,686.61 454,872.83 928,393.65 2,697,418.02 798,983.04 849,833.74

OTHER TAXES ON PRODUCTION (NET) 233,338.97 169,574.47 211,420.78 266,873.93 881,208.15 235,416.02 186,281.93

GROSS DOMESTIC PRODUCT AT BASIC PRICES 16,741,809.92 15,897,931.94 17,824,482.08 19,550,147.90 70,014,371.85 16,826,890.29 16,694,666.15

NET TAXES ON PRODUCTS 151,459.87 146,581.79 285,113.94 203,016.05 786,171.64 135,615.64 209,570.26

GROSS DOMESTIC PRODUCT AT MARKET PRICES 16,893,269.79 16,044,513.73 18,109,596.02 19,753,163.95 70,800,543.49 16,962,505.92 16,904,236.42

TABLE 6 1/4 2017





DOMESTIC FACTOR INCOME 14,756,765.45 15,271,389.46 16,720,738.34 17,409,094.61 64,157,987.85


FROM THE REST OF THE WORLD NET 17,976.79 21,976.45 29,709.34 24,207.30 93,869.87


FROM THE REST OF THE WORLD NET -159,630.01 -247,823.21 -177,599.65 -185,508.00 -770,560.87








FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 694,642.95 715,382.70 688,233.96 609,792.40 2,708,052.02



SAVING 5,863,078.42 6,555,477.47 8,518,744.30 8,261,320.45 29,198,620.63


TABLE 6 2/4 2018









FROM THE REST OF THE WORLD NET -268,047.73 -320,608.74 -312,425.82 -255,422.06 -1,156,504.34











SAVING 5,697,364.84 5,897,687.87 6,945,606.22 6,921,764.82 25,462,423.75


TABLE 6 3/4 2019









FROM THE REST OF THE WORLD NET -945,598.82 -969,111.77 -984,923.52 -991,131.05 -3,890,765.16











SAVING 6,317,903.79 6,054,098.86 7,005,336.83 6,437,534.91 25,814,874.38


TABLE 6 4/4 2020 2021

NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total Q1 Q2




DOMESTIC FACTOR INCOME 15,708,006.03 15,214,670.85 17,158,188.48 18,354,880.33 66,435,745.68 15,792,491.23 15,658,550.49


FROM THE REST OF THE WORLD NET 17,297.92 17,634.96 20,839.47 15,216.34 70,988.69 10,463.30 11,777.06


FROM THE REST OF THE WORLD NET -916,695.29 -562,254.05 -562,856.51 -445,502.52 -2,487,308.37 -136,251.61 -724,900.01

NET TAXES ON PRODUCTS 151,459.87 146,581.79 285,113.94 203,016.05 786,171.64 135,615.64 209,570.26

NATIONAL INCOME AT MARKET PRICES 14,960,068.53 14,816,633.55 16,901,285.38 18,127,610.19 64,805,597.65 15,802,318.55 15,154,997.81


FROM THE REST OF THE WORLD NET 2,575,364.65 2,704,694.94 2,034,932.36 1,696,397.15 9,011,389.10 1,339,215.67 1,429,373.87

NATIONAL DISPOSABLE INCOME 17,535,433.18 17,521,328.49 18,936,217.74 19,824,007.34 73,816,986.75 17,141,534.22 16,584,371.68




Individual Cosumption Expenditure of general government 250,657.99 617,789.24 485,662.80 360,952.58 1,715,062.61 229,165.18 276,185.69

Collective Cosumption Expenditure of general government 802,228.19 1,687,003.97 1,403,741.88 1,048,768.36 4,941,742.40 775,647.73 794,113.11

SAVING 7,319,584.78 6,800,620.52 5,287,157.81 4,010,324.75 23,417,687.86 2,971,954.21 3,056,063.75

APPROPRIATION OF DISPOSABLE INCOME 17,535,433.18 17,521,328.49 18,936,217.74 19,824,007.34 73,816,986.75 17,141,534.22 16,584,371.68

TABLE 7 1/4 2017

CAPITAL FINANCE AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total

SAVING 5,863,078.42 6,555,477.47 8,518,744.30 8,261,320.45 29,198,620.63


CAPITAL TRANSFERS





PURCHASE OF INTANGIBLE ASSETS N.E.C.


NET LENDING TO THE REST OF THE WORLD 4,126,585.52 4,738,939.17 7,107,211.16 6,590,345.04 22,563,080.89


TABLE 7 2/4 2018


SAVING 5,697,364.84 5,897,687.87 6,945,606.22 6,921,764.82 25,462,423.75


CAPITAL TRANSFERS









TABLE 7 3/4 2019


SAVING 6,317,903.79 6,054,098.86 7,005,336.83 6,437,534.91 25,814,874.38


CAPITAL TRANSFERS









TABLE 7 4/4 2020 2021

CAPITAL FINANCE AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total Q1 Q2

SAVING 7,319,584.78 6,800,620.52 5,287,157.81 4,010,324.75 23,417,687.86 2,971,954.21 3,056,063.75

CONSUMPTION OF FIXED CAPITAL 800,464.93 513,686.61 454,872.83 928,393.65 2,697,418.02 798,983.04 849,833.74

CAPITAL TRANSFERS


FINANCE OF GROSS ACCUMULATION 8,120,049.70 7,314,307.13 5,742,030.64 4,938,718.40 26,115,105.87 3,770,937.25 3,905,897.48

CHANGES IN INVENTORIES 149,517.61 144,635.36 72,265.70 133,483.38 499,902.05 145,466.23 136,518.13




NET LENDING TO THE REST OF THE WORLD 5,049,951.75 4,850,280.92 3,272,785.19 1,860,915.67 15,033,933.54 599,202.33 1,259,558.78

GROSS ACCUMULATION 8,120,049.70 7,314,307.13 5,742,030.64 4,938,718.40 26,115,105.87 3,770,937.25 3,905,897.48

TABLE 8 1/4 2017

EXTERNAL TRANSACTION AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total

EXPORT OF GOODS AND SERVICES 3,752,689.45 4,316,331.64 6,071,011.98 5,793,332.91 19,933,365.98



PROPERTY AND ENTREPRENEURAL INCOME







TO THE REST OF THE WORLD 163.23 158.65 159.21 159.65 640.74


TO THE REST OF THE WORLD 262,949.61 362,092.78 338,595.31 341,152.05 1,304,789.75




TRANSACTIONS 4,307,587.22 4,898,772.30 7,281,185.26 6,796,510.23 23,284,055.01

DISPOSAL OF CURRENT RECEIPTS. 5,621,714.57 6,546,035.67 9,000,727.04 8,423,465.78 29,591,943.05

TABLE 8 2/4 2018












TO THE REST OF THE WORLD 165.19 164.68 159.17 1,063.97 1,553.01


TO THE REST OF THE WORLD 373,945.27 440,611.74 468,620.50 426,782.01 1,709,959.53




TRANSACTIONS 4,147,802.14 4,073,356.12 5,270,027.38 5,156,886.72 18,648,072.36


TABLE 8 3/4 2019


















TRANSACTIONS 4,413,249.07 3,584,152.64 5,046,502.74 4,516,803.90 17,560,708.35


TABLE 8 4/4 2020 2021

EXTERNAL TRANSACTION AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total Q1 Q2

EXPORT OF GOODS AND SERVICES 5,926,475.03 4,349,714.56 3,721,280.60 2,849,324.84 16,846,795.03 1,859,403.48 2,975,274.46






FROM THE REST OF THE WORLD 2,637,069.47 2,783,515.26 2,109,051.57 1,742,930.66 9,272,566.96 1,364,094.53 1,696,698.25

CURRENT RECEIPTS 8,785,700.14 7,340,125.38 5,957,394.21 4,709,510.40 26,792,730.14 3,288,592.90 4,760,424.20

IMPORTS OF GOODS AND SERVICES 2,319,151.58 1,489,935.02 1,729,989.95 1,987,646.21 7,526,722.77 2,238,212.48 2,245,684.68


TO THE REST OF THE WORLD 4,002.96 5,191.52 3,398.78 2,888.53 15,481.79 870.92 1,886.88


TO THE REST OF THE WORLD 1,117,550.05 746,323.12 665,680.29 544,652.56 3,074,206.03 190,012.27 799,687.56


TO THE REST OF THE WORLD 61,704.82 78,820.32 74,119.21 46,533.51 261,177.86 24,878.87 267,324.38


TRANSACTIONS 5,283,290.72 5,019,855.39 3,484,205.97 2,127,789.60 15,915,141.69 834,618.36 1,445,840.70

DISPOSAL OF CURRENT RECEIPTS. 8,785,700.14 7,340,125.38 5,957,394.21 4,709,510.40 26,792,730.14 3,288,592.90 4,760,424.20

ACKNOWLEDGEMENTS/CONTACTS

We acknowledge the contributions of our technical partner, Proshare in the design, concept and production of this

publication.

Acknowledgements

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Nigerian Gross Domestic Product Report Q2 2021